Press Service

On operations of provisional administration to manage Insurance Group ASKO Limited Liability Company

Whereas Insurance Group ASKO Limited Liability Company, further referred to as the Company, failed to properly fulfil the solvency recovery plan, the Bank of Russia, pursuant to its Order No. OD-3586, dated 21.12.2017, effective 25.12.2017, appointed a provisional administration to manage the Company, further referred to as the provisional administration, for a term of six months.

Following the Company’s failure to timely rectify violations of insurance law, the Company’s insurance licences were revoked pursuant to Bank of Russia Order No. OD-307, dated 08.02.2018.

The provisional administration, acting within its mandate, established facts suggesting that the Company’s former management and owners conducted transactions aimed at siphoning off more than 900 million rubles in corporate assets.

On 15.03.2018, the Arbitration Court of the Republic of Tatarstan recognised the Company as insolvent (bankrupt). The State Corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on financial transactions bearing the evidence of the criminal offence conducted by the former management and owners of the Company to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

31 May 2018

The reference to the Press Service is mandatory if you intend to use this material.